Fintech unicorn BharatPe concludes $100M debt round: Report

Fintech unicorn BharatPe recently concluded its $100 million debt round led by InnoVen Capital, reportedly contributing between $60-70 million. 

Expansion and appointments in the NBFC arm

In a parallel development, BharatPe's NBFC arm, Trillion Loans, has also secured a separate debt round from Credit Saison, as per Entrackr's report.

The debt round follows BharatPe's acquisition of a majority 51% stake in Mumbai-based Trillion Loans in May 2023. It has also strengthened its leadership by appointing Ravindra Pandey, Nalin Negi, and Sabyasachi Senapati to the board of the NBFC arm.

Previous funding and equity rounds

Prior to this debt round, BharatPe's last major financial milestone was in August 2021, with a $370 million Series E equity round. To date, the company has raised over $650 million in equity and debt from prestigious investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, and others.

Financial performance 

BharatPe's financial performance has shown remarkable progress. The company reported a revenue of Rs 904 crore in FY23, a substantial increase from Rs 321 crore in FY22.

The growth is attributed to strategic advancements and diversification in key business segments. Notably, BharatPe has reduced its loss before tax significantly, from Rs 5,594 crore to Rs 886 crore, alongside a decrease in EBITDA loss by approximately Rs 158 crore.

Growth in lending and payment services

The fintech firm has seen notable growth in its lending vertical, with its merchant lending division facilitating loans that saw a 129% increase, reaching Rs 5,339 crore. BharatPe has also diversified its revenue streams, introducing innovative services like QR usage, credit card bill payments, and utility payments.

Additionally, the swipe business experienced a 63% increase in Total Payment Volume (TPV) and installed about 8 lakh new soundbox devices in FY23.

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